November 19, 2014
Was just googling around for something else and ran across this.
When even the most "accident prone" of the Big 5 is offering good 5 year rates have we turned a corner ?
CIBC Special Offer GIC
60 months 3.000%*
Non-registered, non-redeemable before maturity
Minimum contribution: $1,000
Available to CIBC clients only
February 27, 2018
* Rates may be changed or withdrawn at any time without notice. Annual rates are current as of May 18, 2018, and applies only to a non-registered CIBC Special Offer GIC, available to CIBC personal and non-personal clients only, with interest paid annually or at maturity. If you want interest paid semi-annually or monthly, a lower rate may apply. Compound interest is calculated annually and paid at maturity; simple interest is paid monthly, semi-annually or annually. Minimum investment of $1,000.
CIBC DO explain how they compound the interest. I remember having a discussion here about another bank "paying out on maturity" but never mentioning the word "compound", which to me sounded like they were only paying simple interest.